ABSTRACT
The disturbing effect of the monetary crises has been exacerbated in the case of CAP, the only important achievement so far in the field of positive integration. French officials seemed to think that if Britain were willing to accept all the implications of a European economic and monetary union (EMU) on the role of sterling, then this could be a major piece of evidence of British commitment to an integrated Europe. The Hague Summit served as the springboard for new initiatives which completely reversed the internal situation in the Community. After the Hague Summit of December 1969 and the end of the transition period, EMU was seen as the new driving force towards further integration. The experts from France and Luxembourg insisted on a quick progress in the monetary field which would oblige national governments to co-ordinate more effectively their economic policies. As a result of their different priorities, the two groups acquired the names of 'economists' and 'monetarists' respectively.
